In accordance with the Strategic Development Plan of JSC Development Bank of the Republic of Belarus for 2021-2025 the activities of the Development Bank as a development institution are aimed at promoting the sustainable development of the Republic of Belarus.
In order to fulfil its goals and targets successfully the Development Bank actively participates in international activities and ensures the transparency of financial operations.
Specific activities of the Development Bank as a specialized financial institution and its client base which are characterized by low risk operations provide for minimum risk of money laundering, financing of terrorism and spreading of mass destruction weapons (hereinafter referred to as ML\TF).
The Development Bank guarantees functioning of an efficient internal control system in accordance with international standards of ML\TF prevention (Recommendations of the Financial Action Task Force (FATF)) and requirements of the Law of the Republic of Belarus dd 30.06.2014 No 165-З “On actions to prevent money laundering, financing of terrorism and proliferation of weapons of mass destruction”, as well as in accordance with other regulatory legal acts and recommendations regulating the issues of ML\TF prevention.
The key goal of internal control system is to prevent the Development Bank’s engagement with ML\TF processes, to minimize reputational and financial risks of the Development Bank’s activities.
The Development Bank’s policy in the area of ML\TF prevention is based upon the following principles:
Employees of the Bank for Development subdivisions that are part of the organizational structure of the Bank's AML\TF internal control system are involved in the implementation of internal control procedures;
The internal control regulations in the area of ML\TF prevention (Regultaions) are approved by the Management Board of the Development Bank;
Officials of the Development Bank are appointed as persons responsible for coordination of the Regulations in the Bank and its units, and a special organization unit is created;
The Development Bank conducts the client identification procedures and takes all measures to determine the clients’ beneficiary owners;
The Development Bank does not open accounts for anonymous account holders;
The Development Bank takes actions to identify among the clients and their beneficial owners foreign public officials, officers of public international organizations, persons holding positions included in the list of public positions of the Republic of Belarus, their family members and associated persons, as well as entities of which aforementioned persons are beneficial owners;
The Development Bank estimates the risks of working with a client through analyzing the client data within the 3-vector risk distribution model;
The Development Bank does not establish or maintain correspondent relationships with banks which do not have physical presence in countries of residence and do not belong to a banking group (bank holding) (shell banks). Besides the Development Bank takes actions aimed at preventing relations with non-resident banks accounts of which are used by shell banks;
The Development Bank monitors the clients’ financial operations pursuant to legislation and promptly informs the financial monitoring body on operations requiring special control;
The Development Bank suspends funds owned or owned by an organization, an individual, including an individual entrepreneur, included in the list of organizations and individuals involved in terrorist activities (the List), or an organization whose beneficial owner is an individual included in the List;
The Development Bank blocks financial transactions if the participant in said financial transaction, or the beneficiary, is an organization, an individual, including individual entrepreneurs, included in the List, or an organization whose beneficial owner is an individual included in the List;
The Development Bank stores the data containing information on clients and their financial operations for a period not less than 5 years from the date of such financial operation;
The Development Bank regularly holds employees’ trainings and assessments in the area of ML\TF prevention.
USA PATRIOT Act
Wolfsberg Group Correspondent Banking Due Diligence Questionnaire